Monitor for shareholder approval and regulatory clearances, as closing is expected in 2H 2026. The significant cost synergies and revenue diversification could drive substantial value creation if integration is successful.
Price Chart
Executive Summary
RE/MAX Holdings is soliciting shareholder approval for its acquisition by The Real Brokerage Inc., which would create a combined entity called Real REMAX Group. The $880 million transaction values RE/MAX at ~7x fully synergized 2025 Adjusted EBITDA and offers shareholders a stock-and-cash election. The deal is expected to generate ~$30M in annual run-rate cost savings by 2027 and create a pro forma company with $2.3B in revenue and $157M in Adjusted EBITDA.
Key Financial Metrics
Key Facts
- The Real Brokerage Inc. will acquire RE/MAX Holdings to create Real REMAX Group (NASDAQ: REAX)
- Transaction values RE/MAX Holdings at $880M (~7x fully synergized 2025 Adjusted EBITDA)
- RE/MAX shareholders will receive either 5.15 shares of Real REMAX Group or $13.80 in cash per share, with aggregate cash proceeds capped between $60M and $80M
- Expected to generate ~$30M of annual run-rate cost savings, with majority realized by 2027
- Pro forma company generated $2.3B in revenue and $157M in Adjusted EBITDA in 2025
- Expected to reduce net debt to Adjusted EBITDA ratio to below 2.0x within two full fiscal years post-close
Financial Impact
$880M transaction value with $30M in expected annual cost synergies
Risk Factors
- Failure to obtain required regulatory or shareholder approvals
- Integration challenges between the two distinct business models
- Potential retention issues with agents, franchisees, and personnel
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001104659-26-049119 |
| Document: 0001104659-26-049119-index-headers.html | 0001104659-26-049119 |
| Document: 0001104659-26-049119-index.html | 0001104659-26-049119 |
| Document: 0001104659-26-049119.txt | 0001104659-26-049119 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G/A | — | awaiting T+60 | — | — |
Sep 4, 2026 7w ago | 15-12G | — | awaiting T+60 | — | — |
Aug 26, 2026 8w ago | EFFECT | $13.40 | awaiting T+60 | — | — |
Aug 25, 2026 9w ago | 25-NSE | $13.50 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | DEFA14A | $10.77 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | 425 / 8-K | $9.70 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | DEFA14A | $10.72 | awaiting T+60 | — | — |
Jul 14, 2026 15w ago | 8-K | $10.72 | awaiting T+60 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | $9.01 | awaiting T+60 | — | — |
May 28, 2026 21w ago | DEFA14A | $9.54 $12.36 | ▲ +29.56% | ▲ +28.38% | — |
US Market Status
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